Think about the firm or industry in which you work (or would like to work). Choose a
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Think about the firm or industry in which you work (or would like to work). Choose a possible production function for this firm or a firm in that industry. Be sure to tell us what formula you have chosen and give some justification for why you are choosing it. Use only labor and capital as the inputs for the production function. Assuming the wage rate is 10 and the rental rate of capital is 20, tell us how much labor and capital your firm would use in this situation. It may help to assume some level of desired output as well.
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Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
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